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Amgen's Profit
Decreases 99%
Over Acquisition

By

David P. Hamilton

Updated July 21, 2006 12:01 a.m. ET

Amgen Inc. reported a 99% decline in earnings due to a $1.1 billion charge related to its acquisition of Abgenix Inc., but rising second-quarter sales led it to boost its full-year earnings forecast absent charges.

Net income at the Thousand Oaks, Calif., biotechnology giant dropped to $14 million in the quarter, a dramatic decline from $1.03 billion a year earlier. Setting aside the acquisition charge and other expenses, including...